We had a client leave us this week. I’m always disappointed when this happens. Let’s call them Mr. and Mrs. B. They are such lovely people and we really enjoyed working with them. Unfortunately, Mr. B had reached a place in his mind where he could no longer receive coaching or analyze the evidence of market conditions that we shared with him. He’s acting from the heart not the mind.
The issue starts with his historical connection to the home. When the family came over to Canada from the ‘old country’ his father built the home. Over the years he had converted it into several basic but perfectly serviceable rental units. The home has been in the family since the 1950’s and he loves it with all of his heart. To him its worth $500,000.
The market thinks differently. I would estimate that its current worth in the market is somewhere between $350,000 and $385,000 and I told him this before we started to work together. The proof is in the pudding. We have advertised the home everywhere including social media, flyers, 2 Open Houses and every key website out there including those of our competitors and the MLS system. There is not a potential buyer on the planet that does not know about the home being for sale.
Acting rationally the obvious solution would be to look at what can be done to improve the value to price ratio. In most cases this comes down to either improving the home through renovation or adjusting the price downwards.
My client’s solution? Terminate our service agreement and go with an old-school franchise. Ironically, he’s going to get less exposure (franchises don’t have bespoke social media advertising like we do) and pay more in commissions. I should also mention his home has already been advertised on that franchise’s own website through a co-op agreement with have with them. We already put it there for him.
Mr. B there are no secret buyers out there! Everyone knows about your home being for sale. Sorry ☹
To learn more about how we find the best quality buyers please click this link: How to Find Buyers in the Modern Age.
To find out more about the emotional roller coaster that most sellers face please read this blog: The Seven Emotional Stages of a Home Seller.
As you may imagine this question has come up before. Here is an earlier blog: The Myth of Secret Home Buyers
About the author:
You can read about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR®.
Want more information about our lower cost FLAT FEE home selling programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014 or visit our home sellers page www.FlatFeeRealtyAdvisors.ca